He will stay on as CEO until a successor is named or until the end of the year, the Orlando Business Journal said.

Otis is a Stanford-educated lawyer who has worked for the company since 1995. In 2012 he was given International Foodservice Manufacturers Association's (IFMA) Silver Plate Award for innovation in the food service industry, the company said on its website.

With Monday’s announcement, Darden also said it would separate the two roles of chairman and CEO.

According to its website, Darden owns and operates more than 1,500 Olive Garden, LongHorn Steakhouse, Bahama Breeze, Seasons 52, The Capital Grille, Eddie V’s and Yard House restaurants in North America, employing 150,000 people and serving more than 320 million meals each year.

The move comes the same day Darden announced that it has completed the sale of the seafood chain Red Lobster to Golden Gate Capital, an investment firm.